Macarthur Minerals Limited
TSX : MMS
OTCQX : MMSDF

Macarthur Minerals Limited

December 09, 2013 09:30 ET

Macarthur Minerals Port of Esperance Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 9, 2013) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Macarthur Minerals Limited (TSX:MMS)(OTCQX:MMSDF) (the "Company" or "Macarthur") is pleased to report the Esperance Port Authority ("EPSL") has confirmed that it received development proposals from the two shortlisted proponents being Qube Bulk Pty Ltd/ Brookfield Infrastructure (Australia) Pty Ltd; and the Yilgarn Esperance Solution consortium (comprised of McConnell Dowell Contractors (Aust) Pty Ltd, Asciano and Marubeni Corporation Ltd), on November 22, 2013.

The submission of the respective proposals marks the completion of the request for proposal ("RFP") phase of the process in advancing the Multi User Iron Ore Facility ("MUIOF"). EPSL has advised that the RFP Evaluation Process is now underway and intends to announce the consortium selected to be the MUIOF proponent at the end of this Evaluation Process. The announcement is expected to be made towards the end of Q1 2014.

After the selection of a preferred proponent, construction is expected to commence in 2014 and be completed in 2015 subject to the successful proponent achieving financial close and project contractual close.

Macarthur's President, Chairman and CEO, Alan Phillips commented that, "Macarthur has gone as far as possible in its project development without clarity around port access and the appointment of a preferred developer of the MUIOF in 2014 will allow for the Company to move forward on financing, partner contracting (based on the registration of interest process) and off-take commitment.

The slowdown in the mining sector in Australia has placed pressure on mining, processing, construction and transport pricing which has had an effect of reducing some of the cash costs that were be used in the Ularring Hematite Project's pre-feasibility study. The Company is currently working on an updated economic statement that outlines these developments".

ABOUT MACARTHUR MINERALS LIMITED (TSX:MMS)(OTCQX:MMSDF)

Macarthur Minerals Limited is an Australian based resource development company currently focused on developing its Ularring Hematite Project, located in the Yilgarn iron ore district in Western Australia. The Ularring Hematite Project is located 110 km from rail infrastructure with a direct connection to the iron ore exporting Port of Esperance, Western Australia.

The Ularring Hematite Project has an indicated Mineral Resource of 54.46 Mt at 47.2% Fe and an inferred Mineral Resource of 25.99 Mt at 45.4% Fe (press release dated June 14, 2012; NI43-101 Technical Report dated June 29, 2012). In addition, Macarthur's Moonshine Magnetite Project has an inferred Mineral Resource of 1.3 Bt at 30.1% Fe (press release dated December 15, 2010; NI43-101 Technical Report dated March 25, 2011).

A Positive Preliminary Feasibility Study was released to the market on the Ularring Hematite Project in August 2012, which included a probable Mineral Reserve of 42.95 Mt at 47% Fe (press release dated August 16, 2012; Technical Report dated September 27, 2012). A Positive Preliminary Economic Assessment on the Moonshine Magnetite Project was released in February 2011 (press release dated February 7, 2011, Technical Report dated March 25, 2011).

On behalf of the Board of Directors,

MACARTHUR MINERALS LIMITED

Alan Phillips, President, Chairman & CEO

Caution Regarding Forward Looking Statements

Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. With respect to forward-looking statements contained in this press release, assumptions have been made regarding, among other things, the reliability of information prepared and/or published by third parties that are referenced in this press release or was otherwise relied upon by the Company in preparing this press release. Although the Company believes the expectations expressed in such forward- looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unforeseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials, the discovery of new large low cost deposits of iron magnetite and the general level of global economic activity. Readers are cautioned not to place undue reliance on forward- looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

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